Hardman & Co Research: Pantheon International Plc (PIN) - (Initiation of coverage): 11.9% average annual NAV growth since 1987

Hardman & Co Research: 11.9% average annual NAV growth since 1987

PIP (ticker PIN) invests in a diversified portfolio of private equity (PE) funds and directly in private companies. On average, it has beaten its benchmark index by ca.4.0% p.a. since inception in 1987, generating ca.1.5x the market's returns. This has been delivered by i) PE funds earning better returns than quoted companies, ii) PIP investing in the right parts of the PE market, iii) benefits from being in the Pantheon family, and iv) a structured fund selection process. PIP gives investors access to the whole PE market, with strong corporate governance. We believe the "real" NAV is above "book" NAV. There are risks (see below), but the discount makes the risk/reward anomalous, in our view.

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